To The Members of S.B. & T INTERNATIONAL LIMITED
The Directors present with pleasure the Twenty Fifth Annual Report
together with the Audited Statement of Accounts of the Company for the
year ended March 31, 2012.
1. FINANCIAL RESULTS
(INR In Million)
Particulars 2011-2012 2010-2011
Gross Profit (275.25) 6.06
Less: Depreciation 1.99 2.32
Profit before Tax (277.24) 3.74
Provision for Tax - Current NIL (1.64)
Deferred 2.42 0.10
Profit after Tax (276.99) 2.20
Add: Balance brought forward 43.37 43.20
Profit available for appropriation (233.62) 45.40
Proposed Final Dividend NIL 1.69
Corporate Dividend Tax NIL 0.34
Balance carried to Balance Sheet (233.62) 43.37
Turnover of the Company is Rs. 977.98 million for the year ended 31st
March, 2012 as compared to Rs. 1293.63 million for the year ended 31st
March, 2011. ''
The Paid up Capital of the Company for the financial year ended 31st
March, 2012 is INR 168,500,000 divided into 16,850,000 shares of INR 10
In order to conserve resources, no dividend has been declared for the
year 2011 - 2012.
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr. Ravi Gulab Khubchandani and
Mr. Sunil Barjatiya, Directors of the Company retire by rotation at the
ensuing Annual General Meeting and being eligible offer themselves for
6. FIXED DEPOSITS
During the year under review, the Company has not accepted any deposit
from public as the Company has stopped accepting deposits w.e.f. 12th
September 2003 as per the resolution passed by the Board of Directors.
Total amount of deposits as on 31st March, 2012 was Rs. 50,000/-
(Rupees Fifty Thousand Only). There were no outstanding or unclaimed
fixed deposits as on 31st March, 2012.
7. SUBSIDIARY COMPANY
The Ministry of Corporate Affairs vide its General Circular No. 2 /
2011 dated 8th February, 2011 granted general exemption to the
Companies from attaching a copy of the Balance Sheet, the Profit and
Loss Account and other documents of its subsidiary companies as
required to be attached under Section 212 of the Companies Act, 1956 to
the Balance Sheet of the Company subject to fulfillment of conditions
stipulated in the circular. Therefore, the said documents of the
following subsidiary companies viz. (1) S. B. & T Designs Ltd. (2)
Mimansa Jewellery P. Ltd. (3) S. B. & T Holding Limited will not be
attached to the Annual report. However, the aforesaid documents
relating to the subsidiary companies and the related detailed
information will be made available upon request by any member or
investor of the Company. Further, the Annual Accounts of the subsidiary
companies will be kept open for inspection by a member or an investor
at the Registered Office of the Company or the respective subsidiary
The Company has sold its subsidiary company M/s Soft Touch Jewelers LLC
& S. B. & T. (UK) LTD. during the relevant period.
8. CONSOLIDATED FINANCIAL STATEMENTS.
The Consolidated Financial Statements of SB&T International Limited and
its subsidiaries SB&T Holding Limited, Mimansa Jewellery Private
Limited, SB&T Designs Limited prepared in accordance with Accounting
Standard 21 is annexed. .
9. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNING AND OUTGO
Information pursuant to Section 217 (1) (e) of the Companies Act, 1956
read with the Companies (Disclosure of particulars in the Report of the
Board of Directors) A rule, 1988 is annexed hereto and forms part of
10. PARTICULARS OF EMPLOYEES
Since none of the employees of the Company was drawing remuneration in
excess of limits laid down pursuant to Seciion 217(2A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975, details therewith are not furnished.
To the best of their knowledge and belief and according to the
information and explanation obtained by them, your Directors make the
following statement in terms of Section 217(2AA) of the Companies Act,
(i) that in the preparation of the Annual Accounts for the year ended
March 31,2012; the applicable accounting standards have been followed
along with proper explanation relating to material departures, if any.
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended March
31, 2012 and of the loss of the Company for that year.
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
(iv) that the Directors have prepared the Annual Accounts for the year
ended March 31,2012, on a going concern basis.
The company is not required to undertake the cost audit as required
under Section 233 B of the Companies Act, 1956.
However Company is required to file Cost Compliance Certificate as
required under Cost Audit Report Rules, 2011 for the year 2011 -2012.
M/s. M. M. Dubey & Co., Auditors of the Company, hold office until the
conclusion of the ensuing Annual General Meeting. The Company has
received letter from them to the effect that their appointment, if
made, would be within the prescribed limits under Section 224(1-B) of
the Companies Act, 1956. Your Directors recommend their re-appointment.
Report on Corporate Governance is furnished as a part of the
Directors'' Report and forms part of this report. Certificate from
the Company''s Auditors regarding compliance is annexed hereto and
forms part of this report.
Your Directors place on record their appreciation to the sincere and
dedicated services put in by the employees of the Company at all the
levels and in all the departments of the Company.
The Directors place on record their appreciation for the support and
co-operation received from all the Eiankers.
For and on behalf of the Board of Directors
Place : Mumbai
Date :29/11/2012 Surendra Kumar Sethi
138, Shreeji Chambers, First Floor,
Tata Road No. 2, Opera House,
Mumbai - 400 004.